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The seemingly inexorable squeeze on family finances in Britain is at its weakest in almost two years, but the relief may not last long as inflation looks set to rise again, according to Markit.

The financial data provider says that 29 per cent of respondents in a survey reported that their personal finances had worsened in October, while 7 per cent indicated an improvement. This was the slowest deterioration in household finances since the end of 2010, helped by stabilising incomes and the most marked drop in debt levels for more than two years.